Anyone heard of Investor Compensation? (PPI claim)

[flyingjase]

My Mother in Law has just done an IVA and the debtline she has used recommended her to a company called Investor Compensation to claim back the PPI on her credit cards and bank charges

Now forgetting the moral aspect of this (I used to be a Bank Manager and sell this st, I mean this valuable insurance protection) has anyone had any experience of this?

Back in the day, these companies simply didn't exist and I'm not sure how they operate. It's no win, no fee (I know I said forget the moral aspect, but I hate ambulance chasers), so can she loose? There must be a catch, surely?

I would normally tell her to ‘man up’ but she needs whatever she can get right now, or else I will end up having to pay in some way no doubt.

I suspect however, it will be the creditors that benefit as she is in an IVA situation, so that almost seems perverse - let's get the PPI back from creditor A to pay off creditor B

Any experience anyone??

[MudasarKhan]

I have used them to reclaim my PPI on a loan. Seen them advertised in the Sun newspaper a while ago. Their fees are 25% of what ever you sucessfully reclaim, which depending on how much you win back can be small or big money.

I was happy with their service, but did feel left uninformed at times. Just make sure that the various departments of your loan company are made aware of the final settlement as I had a mix up on a Direct Debit date and the bank aggresively tried to get all thier money back (including PPI).

I re-arranged the Direct Debit and explained the simple mistake but for them to acknowledge how much was actually reclaimed was a ball-ache and took months of sending letters back and forth. However this was a spat between me and the bank and not Investor Compensation.

Hope this helps.

[mcflurry]

Why not do it yourself and save the 25% ?

Is there a reason why the ppi was unsuitable?

Edited by mcflurry on Sunday 5th September 14:50

[MudasarKhan]

mcflurry said:

Why not do it yourself and save the 25% ?

Is there a reason why the ppi was unsuitable?

Edited by mcflurry on Sunday 5th September 14:50

Yh, when i was off work for 2months due to injury, they refused to cover me because I had changed jobs. I was peed'd off with that and thought thats a fob-off if I ever so one. Then saw the advert in the Sun paper and thought am going to re-claim my PPI because it didnt cover what I was told it would when sold to me.

I didnt do it myself because to be honest, I didnt know how to. The PPI was only a small amount anyhow as it was only a small loan. I dont mind giving 25% to someone who did all the leg work, even though it might have just been a few letters for them.

[Watty323]

Please do not use them - they are totally incompetent - numerous claims had been calculated wrongly (I think at least one of their "staff" need an O-Level in maths!)
Also, I sorted a claim for myself that somehow related to a an earlier claim they had been involved in. They then wanted the 30% cut for doing absolutely sweet Fanny Adams (mis-calculated of course).
Do not use them - they are cowboys (3 people above a shop with a couple of phone lines springs to mind!) Do the claim yourself!

[Prak]

Man, you type slow.

[dalenorth]

There are templates to DIY online, such as the Martin Lewis website.

[iphonedyou]

Prak said:

Man, you type slow.

Very good.